Mr. Brett Richards reports

PASOFINO GOLD ANNOUNCES ANNUAL MEETING RESULTS SHAREHOLDERS APPROVE ALL MATTERS

Pasofino Gold Ltd. has received approval for all proposals submitted to shareholders at its annual general and special meeting held on Oct. 28, 2025, in Toronto, Ont.

The matters voted on and approved are as follows:

1. McGovern Hurley LLP, chartered accountants, was reappointed as auditor for the following year, and the directors of the company were authorized to fix the remuneration to be paid to the auditors;
2. The number of directors of the company for the ensuing year was fixed at six;
3. Oumar Toguyeni, Geoffrey Eyre, Krisztian Toth, Ahmet Emre Kayisoglu, Arnaud Lelouvier and Brett Richards were elected as the company's directors for the ensuing year;
4. The company's long-term incentive plan was reapproved.

Each of the four matters that were voted on received greater than 75-per-cent approval, with a total of approximately 83 million shares voted at the meeting. Further details regarding the matters voted on are available in the management information circular dated Sept. 24, 2025.

The company thanks its shareholders for their continued support.

About the Dugbe gold project

The 1,410-square-kilometre Dugbe gold project is in southern Liberia and situated within the southwestern corner of the Birimian supergroup which is host to most West African gold deposits. To date, two deposits have been identified on the project; Dugbe F and Tuzon discovered by Hummingbird Resources Ltd. (HBL, formerly Hummingbird Resources PLC), in 2009 and 2011, respectively. The deposits are located within four kilometres of the Dugbe shear zone which is thought to have played a role in large-scale gold mineralization in the area.

A significant amount of exploration in the area was conducted by HBL up until 2012 including 74,497 metres of diamond coring. Pasofino drilled an additional 14,584 m at Tuzon and Dugbe F during 2021. These deposits have a combined mineral resource estimates dated Nov. 17, 2021, with total measured and indicated of 3.3 Moz (million ounces) with an average grade of 1.37 grams per tonne (g/t) Au (gold) and 0.6 Moz in inferred.

Following the completion of the definitive feasibility study in June, 2022, a mineral reserve estimate was declared, based on the open-pit mining of both deposits over a 14-year life of mine. A technical report for the Dugbe gold project was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and filed on SEDAR+ and on the company's website.

In addition to the existing deposits there are many gold prospects within the project including the Bukon Jedeh area and the DSZ target on the Tuzon-Sackor trend where Pasofino has discovered a broad zone of surface gold mineralization in trench and outcrop along strike from Tuzon. At this and several of the other prospects no drilling has been carried out to date.

In 2019, Hummingbird Resources (Liberia) Inc. (HB Liberia) signed a 25-year mineral development agreement (MDA) with the government of Liberia providing the necessary long-term framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is 3 per cent, the income tax rate payable is 25 per cent (with credit given for historic exploration expenditures), the fuel duty is reduced by 50 per cent and the government of Liberia is granted a free carried interest of 10 per cent in the project.

Today, Pasofino is focusing its efforts on updating the Dugbe gold project feasibility study to support its project financing efforts to commence construction on the Dugbe gold project in 2026; as illustrated in the MineScope Services Ltd. gap analysis announced on Aug. 26, 2025.

Qualified persons statement

Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Andrew Pedley. Mr. Pedley is a consultant of Pasofino Gold's wholly owned subsidiary, ARX Resources Ltd. He is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is a qualified person under National Instrument 43-101.

About Pasofino Gold Ltd.

Pasofino Gold is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (VEIN).

Pasofino, through its wholly owned subsidiary, owns 100 per cent of the Dugbe gold project (prior to the issuance of the government of Liberia's 10-per-cent carried interest).

We seek Safe Harbor.